Norsk Hydro ASA (OTCMKTS:NHYDY) Sees Significant Increase in Short Interest

Key Points

• Short interest surged 436.4% to 35,890 shares as of August 14, up from 6,691 shares on July 30. Despite the increase, short interest represents approximately 0.0% of shares outstanding, with a days-to-cover ratio of 0.2.
• Norsk Hydro shares recently traded at $9.97, within a 12-month range of $6.38 to $13.02. The company reported quarterly EPS of $0.23 and revenue of $5.88 billion, narrowly exceeding analyst expectations.
• Analyst sentiment remains mixed but leans neutral: MarketBeat reports a consensus “Hold” rating, with one Strong Buy, two Buys, six Holds, and three Sell ratings.

Norsk Hydro ASA (OTCMKTS:NHYDY - Get Free Report) saw a significant growth in short interest during the month of August. As of August 14th, there was short interest totaling 35,890 shares, a growth of 436.4% from the July 30th total of 6,691 shares. Based on an average daily volume of 225,483 shares, the days-to-cover ratio is currently 0.2 days. Approximately 0.0% of the shares of the company are sold short.

Norsk Hydro ASA Stock Performance

Shares of OTCMKTS:NHYDY traded down $0.11 on Wednesday, reaching $9.97. 25,882 shares of the company's stock were exchanged, compared to its average volume of 246,105. The company has a fifty day moving average of $9.30 and a 200-day moving average of $10.17. Norsk Hydro ASA has a twelve month low of $6.38 and a twelve month high of $13.02. The company has a market capitalization of $19.73 billion, a price-to-earnings ratio of 19.10, a PEG ratio of 1.79 and a beta of 1.02. The company has a current ratio of 1.91, a quick ratio of 1.14 and a debt-to-equity ratio of 0.26.

Norsk Hydro ASA (OTCMKTS:NHYDY - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The industrial products company reported $0.23 earnings per share for the quarter, beating analysts' consensus estimates of $0.22 by $0.01. The company had revenue of $5.88 billion during the quarter, compared to the consensus estimate of $5.74 billion. Norsk Hydro ASA had a net margin of 4.90% and a return on equity of 11.46%. On average, research analysts predict that Norsk Hydro ASA will post 0.91 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on NHYDY shares. Zacks Research lowered Norsk Hydro ASA from a "hold" rating to a "strong sell" rating in a research note on Tuesday, July 28th. Pareto Securities downgraded Norsk Hydro ASA from a "buy" rating to a "hold" rating in a research note on Thursday, June 11th. Citigroup reaffirmed a "neutral" rating on shares of Norsk Hydro ASA in a report on Tuesday, May 26th. Finally, Deutsche Bank Aktiengesellschaft reiterated a "hold" rating on shares of Norsk Hydro ASA in a research report on Thursday, July 2nd. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, Norsk Hydro ASA currently has a consensus rating of "Hold".

About Norsk Hydro ASA

Norsk Hydro ASA is a Norwegian industrial company with a primary focus on aluminum production and renewable energy. Established in 1905, the company has grown from its roots in fertilizer manufacturing to become one of the world's largest integrated aluminum producers. Its operations span the full value chain, including bauxite mining, alumina refining, primary aluminum production, and downstream processing of rolled and extruded products.

In addition to its aluminum business, Hydro maintains a significant portfolio of hydropower assets to support its energy-intensive processes.

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